Air France-KLM : Q3 2021 earnings preview – Tangible recovery in Q3 but deleveraging still needed
>A tangible recovery in Q3… - For Q3 (publication on 29 October before trading), we expect adjusted EBIT of -€ 83m and largely positive EBITDA at € 561m for revenues of € 4,386m (+59% vs Q2 2021). Air France-KLM was able to speed up the return of capacity to reach 64.5%e of 2019 levels for Network (vs 48.1% in Q2 and a target of between 60% and 65%) and more than 91%e for Transavia in the quarter. We think that the load factor significantly recovered without this bei...Air France-KLM is a holding company. Through its subsidiaries, Co. is engaged in transporting passengers and cargo, aeronautics maintenance and other air-transport related activities, including catering and charter services. Co. operates in six geographical regions: Metropolitan France; Europe (except France) and North Africa; Caribbean, French Guiana and Indian Ocean; Africa, Middle East; Americas, Polynesia; and Asia and New Caledonia. Co. organizes its business around the following four segments: Passenger, providing passenger transportation services on scheduled flights; Cargo, transporting freight on flights and selling cargo capacity to third parties; Maintenance, and Other activities.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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